EUR/USD and GBP/USD technical analysis on March 29, 2023
March 29, 2023 10:22 am
EUR/USD
Higher time frames
The accumulation of support levels stopped the bears from pushing the price lower. The bulls are now trying to regain ground. So, the monthly medium-term trend level of 1.0903 remains the key target for buyers. The area of 1.0775-58 – 1.0724 formed by the accumulation of daily and weekly support levels is the main obstacle that bears need to overcome. After that, the bearish bias may intensify.
H4 – H1
On lower time frames, sellers have lost their ground, so the pair is currently trading above the key levels of 1.1818-30 (weekly long-term trend + central pivot level). However, the price may fail to move far from the strong support area. So, market uncertainty prevails at the moment. Additional intraday targets for the pair are found at standard pivot levels of 1.0863 – 1.0883 – 1.0916 (resistance) and 1.0810 – 1.0777 – 1.0757 (support).
***
GBP/USD
Higher time frames
On the daily chart, bulls have regained control of the monthly medium-term trend at 1.2302. They closed the previous session above this level and retested the extremum point. If the pair continues to rise, the next target for bulls will be the multi-month high of 1.2447. If buyers fail to open positions at 1.2303, bears will resume testing the daily support of the short-term trend at 1.2224 and may push the price down to the daily Ichimoku Cloud at 1.2144-36 and the weekly levels of 1.2109 – 1.2095.
H4 – H1
On shorter time intervals, bulls are prevailing in the market at the moment of writing. The pair is trading above the key support of lower time frames (the weekly long-term trend at 1.2282). If the quote settles below this level and the moving average reverses to the downside, the bearish bias will intensify. The pair will find support at the standard pivot levels of 1.2251 – 1.2224. If bulls are back to the market, their upward targets will be the levels of 1.2364 – 1.2391 – 1.2434 (resistance of standard pivot levels).
EUR/USD
Higher time frames
The accumulation of support levels stopped the bears from pushing the price lower. The bulls are now trying to regain ground. So, the monthly medium-term trend level of 1.0903 remains the key target for buyers. The area of 1.0775-58 – 1.0724 formed by the accumulation of daily and weekly support levels is the main obstacle that bears need to overcome. After that, the bearish bias may intensify.
H4 – H1
On lower time frames, sellers have lost their ground, so the pair is currently trading above the key levels of 1.1818-30 (weekly long-term trend + central pivot level). However, the price may fail to move far from the strong support area. So, market uncertainty prevails at the moment. Additional intraday targets for the pair are found at standard pivot levels of 1.0863 – 1.0883 – 1.0916 (resistance) and 1.0810 – 1.0777 – 1.0757 (support).
***
GBP/USD
Higher time frames
On the daily chart, bulls have regained control of the monthly medium-term trend at 1.2302. They closed the previous session above this level and retested the extremum point. If the pair continues to rise, the next target for bulls will be the multi-month high of 1.2447. If buyers fail to open positions at 1.2303, bears will resume testing the daily support of the short-term trend at 1.2224 and may push the price down to the daily Ichimoku Cloud at 1.2144-36 and the weekly levels of 1.2109 – 1.2095.
H4 – H1
On shorter time intervals, bulls are prevailing in the market at the moment of writing. The pair is trading above the key support of lower time frames (the weekly long-term trend at 1.2282). If the quote settles below this level and the moving average reverses to the downside, the bearish bias will intensify. The pair will find support at the standard pivot levels of 1.2251 – 1.2224. If bulls are back to the market, their upward targets will be the levels of 1.2364 – 1.2391 – 1.2434 (resistance of standard pivot levels).
***
Technical analysis is based on:
Higher time frames – Ichimoku Kinko Hyo (9.26.52) + Fibo Kijun levels
Lower time frames – H1: Pivot Points (standard) + 120-day Moving Average (weekly long-term trend)
The material has been provided by InstaForex Company – www.instaforex.com
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